Topeka's Brian White throws in the towel, and has moved down his
$1111 price target on Apple.

In a new note, he says:

Last night, Apple reported 1QFY13 results and offered up a 2QFY13
sales outlook that was inline with our model but fell short of
the Street's estimates, while margins are expected to be below
our projections. As such, we are slightly tweaking our sales
estimate higher but taking a modest haircut to our EPS
projection. With Apple down 10% in after market trading, the
stock is trading at less than 6x (ex-cash) our CY14 EPS estimate
and we believe there is quite a bit of bad news priced into the
stock at current levels, while estimate resets lower the bar for
the future. At the same time, we believe the profit and sales
cycle will reach the bottom in 2QFY13.

...

Given the decline in the share price, we are lowering our
12-month price target to $888.00 from $1,111.00 for Buy-rated
Apple, which is based on over 13x (S&P 500 multiple) our
interest expense/income adjusted CY14 pro forma EPS estimate plus
net cash per share of $144.75. This equates to a straight P/E of
just over 15x our CY13 EPS estimate, and is well below the
mid-20x's multiple of 2006-2010.